The Automotive Carbon Canister Market share is expected to grow at a global CAGR of 4% between 2021 and 2027, reaching USD 1,714 Million.
Globally, the number of automobiles has increased significantly due to urbanization, industrialization, and an increase in people's disposable income. This aspect contributes to increased air pollution and excessive carbon dioxide emissions from cars. The carbon canister reduces the fuel emission rate, which aids in reducing air pollution. Furthermore, governments in several locations are enforcing strict standards and laws to reduce automotive emissions. Furthermore, transportation ministries and environmental groups have established a limit for automobile emissions. All of these reasons are propelling the automotive carbon canister market forward.
The coronavirus has a substantial economic influence on the operation of the Automotive Carbon Canister market share. Since the epidemic, the financial and industrial market sectors have been damaged, with travel, aviation, tourism, production and manufacturing suffering the most. The IMF and World Bank predicted that the worst recession would occur in 2019-2020. Extending lockdowns, halting market functioning, and halting economic activity will reduce worldwide market demand. On the other hand, the seamless operation of the worldwide demand and supply chain would assist the market play a consistent role in promising greater growth throughout the projected 2021-2027.
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The Automotive Carbon Canister market has been segmented globally based on the following factors:
According to the absorbent material:
- Charred Wood Powder
- Ethylene Propylene Diene Monomer
- Activated Carbon Powder
According to the vehicle type:
- Passenger car
- Two Wheeler
- Commercial vehicle
According to the sales channel:
The Automotive Carbon Canister market has been segmented into North America, Asia-Pacific, Europe, Latin America, the Middle East and Africa. The Asia-Pacific region is projected to have the biggest market share because of the existence of nations such as China, Japan, South Korea, and India. These nations are considered the primary junction of the car, electrical, and military industries and hence drive market demand in this area. Furthermore, rising urbanization and industrialization are driving up market demand.
The North American area has the second-largest market share in the worldwide market due to nations such as the United States, Canada, and Mexico. These nations have a strong vehicle industry and drive the market demand in this region. The expanding presence of numerous main important players in this area further boosts the automotive carbon canister market demand.
The European area represents the third-largest market share in the worldwide market. Market investments have expanded, which, together with rising expenditure in the vehicle industry, boosts market demand in this area.
Ingevity Corporation is well-known for its carbon materials, synthetic polymers, and specialty chemicals. In July 2020, the business revealed its new product, 'Powder Activated Carbon,' that can be utilized even after the vehicle has run out of petrol and has come to a standstill.
Furthermore, Continental AG developed an Active Purge Pump system this year for pumping out used gasses from the engine and filtering them to 90% purity for adequate air circulation in the engine and reusing the gasses to increase system efficiency, thereby increasing the overall air-fuel balance of the system. Countries are currently focused on obtaining carbon credits, projected to increase the market for activated carbon canisters throughout the forecast period.
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